Declarants also have to park a quarter of the total sum in a non-interest bearing deposit for 4 years.The government also released an email id blackmoneyinfo@incometax.gov.in and urged people to mail any information about people who have black money.

PMGKY will close on March 31, 2017.

Disclosure under the scheme will attract 50% tax and penalty. Declarations under the black money disclosure scheme will be kept confidential. Information will not be used for prosecution.

Receipt of tax paid on deposited will have to be shown to avail disclosure scheme benefits including immunity from prosecution.

Currently, INR 393 crore of cash and jewellery has been seized of which INR 316 crore is cash and the rest is bullion and jewellery. Of the total INR 316 crore, INR 80 crore is in new currency.